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Five themes for EM debt in 2026: a year of greater divergence

Capital Group

Macro tailwinds and continued momentum from AI are expected to provide a supportive backdrop for emerging market debt in 2026, with fundamentals also suggesting greater resilience to any headwinds. In this paper, Capital Group portfolio manager and research director Robert Burgess explores how these factors, alongside evolving global dynamics, may create select opportunities for investors, highlighting the importance of robust policy frameworks and structural shifts within emerging markets.

Capital Group

Thursday 18th December 2025

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